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Used Car Loan

Hero FinCorp is a best-in-class provider of Financing Solutions for both certified & non-certified Used Cars.



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Used Car-loans
हिंदी में पढ़ें

USED CAR LOANS

Used Car loan

Used Car Loans starting from INR 0.5 Lac to 50 Lac, available for all car brands.

usedcar

Loan to Value of up to 175% of second hand car loan.

usedcar

Hero FinCorp Pre-owned Car Loan is available in over 240 cities across India.

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Quick Approval with tenure up to 5 years and competitive Used Car Interest Rates.

Top-up Loan on Used Car:

Existing second-hand car loan customers can avail of a top-up loan against used cars for up to 175% of the existing loan value. The additional funds can be used for a variety of purposes. The loan amount, however, depends upon several factors.


EMI Options Available on a Second-Hand Car Loan

Second-hand car loan customers have the option to choose between two EMI methods for a convenient repayment experience.

Standard EMI:

Under this option, the loan interest and monthly instalments remain fixed throughout the repayment tenure. This option is best suited for those who have a steady monthly income that is unlikely to change soon.

Structured EMI:

Under this, borrowers can customise their second-hand car loan EMI. Usually, the monthly instalments remain low during the initial period of the loan term and increase gradually. This option is best for people who anticipate an increase in their income soon.

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WHY CHOOSE US?

  • Hero FinCorp is a best-in-class provider of financing solutions for your NEW used car.

  • We finance both certified and non-certified cars of any make, model or variant.

  • Our loan products are available for Salaried, Self-employed individuals and business owners.

We have range of used car products :

  • Used Car Loan

  • Balance transfer of Car Loan

  • Loan Against Car

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THE HERO FINCORP ADVANTAGE!

  • Quick and hassle-free approvals

  • Easy Documentation

  • Flexible Terms

  • Prompt Customer Service

  • Flexible Repayment Options

  • Low & Attractive Rate of Interest

  • Doorstep Service - Stay at Home, Get Finance

  • Attractive pricing for past or existing Hero FinCorp customers

    *Terms & Conditions Apply

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OUR APPROACH

  • Are you planning to buy your NEW used car? Then Hero FinCorp's Used Car Loans are your best choice.

  • We offer a wide range of cost-effective used car loan options, for both certified and non-certified cars. Our financing solutions feature multiple repayment options (PDC, NACH, ECS, etc.), flexible tenures and attractive interest rates.

  • We begin by understanding your financial needs, and then offer solutions best suited for your requirement.

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OUR OUTLOOK

  • At Hero FinCorp, we believe in providing prompt service and building strong & lasting relationships.

  • Our goal is to help you achieve all your dreams and aspirations

  • Take advantage of our low introductory interest rates and fantastic customer service.

LOAN AGAINST CAR

WHY CHOOSE LOAN AGAINST CAR ?

Do you have a car and looking for a personal loan ? And do you need cash for your business or looking for more liquidity? Loan Against Car can help solve all these problems!

  • Cheaper than a personal loan / business loan

  • It involves lesser documentation hence lesser hassle

  • Easy and Quick Approval

  • Higher LTV (Up to 175%)

For further details and to know your eligibility amount, get in touch with us at
1800-102-4145

Apply Now

Used Car Loan EMI Calculator

A second-hand car loan EMI calculator enables customers to calculate the EMI that they will be required to pay towards the loan repayment over a specified term. By using a second-hand car EMI calculator, you can determine the suitable repayment tenure to comfortably pay off their loan for a used car. The calculator makes it simple to plan your budget so that you do not fall behind on your EMI payments.


Loan Detail

Select Loan Amount

Min ₹ 50,000

Max ₹ 50,00,000

Interest Rate

22 %

Min 13.5%

Max 22%

Select Loan Repay Duration

5 Years

Min 1 year

Max 5 year

Your Estimated EMI

₹ 4478

ELIGIBILITY & DOCUMENTATION

Eligibility
  • Resident Indian with stability of 1 year
  • Age : 18+ years
  • Salaried: Employed for minimum 1 year
  • Business owners: Should be in business for minimum 1 year
Documentation
  • Identity & address proofs (KYC documents)
  • Valid income proofs/Bank Statement
  • Passport Size Photograph

Used Car Loan Eligibility Criteria:

To avail of a used car loan, you must fulfil certain eligibility criteria:



Age

One should be an Indian citizen with a minimum age of 18 years and the maximum age of 60 years for salaried individuals and 65 years for self-employed, by the end of the loan tenure.

Occupation Status

The applicant should have been in a stable job for at least 1 year.

In the case of self-employed, the applicant should have been in the existing business for at least 1 year.

Loan Tenure

The loan is available for a minimum tenure of 1 year and the maximum tenure of 5 years.

Loan Amount

A loan for a used car is available for a minimum amount of Rs 50,000 to the maximum amount of Rs 50 lakhs.

The maximum LTV on a used car loan is 90%.

Top-up loan of up to a maximum LTV of 175% of the used car loan value.

The LTV ratio or maximum loan amount depends upon various factors such as the applicant's profile and car's condition.

Monthly Income

There is no such predefined monthly income.

Features and benefits of Used Car Loans

  • You can take the used car loan for any brand of the car and the amount can range from INR 0.5 Lac to INR 50 Lac.

  • A high loan to value or LTV ratio of 90% can make it easy to buy any make or model without dipping into your savings.

  • Enjoy flexible tenures. You can get a maximum of 5 years to repay the loan comfortably and there are multiple repayment options like ECS, PDC, NACH, etc.

  • The application process is simple, can be done online and the loan is approved quickly.

  • Minimal documentation is required with doorstep service.

  • Whether you are salaried, self-employed or own a business, you can apply for a used car loan. You just have to be an Indian resident and above 18 years of age.

  • Interest rates are competitive, so that your EMIs are affordable. Past and current Hero FinCorp’s customers get better rates.

  • Expect prompt and efficient customer service at every step. Our executives are there to clear any doubts you might have.

  • You do not need to provide any collateral as the car is hypothecated until the entire loan is repaid.

  • Our used car loan is available in more than 300 Indian cities.

How to Apply for a Used Car Loan

If you are applying in person:

  • Please visit our nearest Hero FinCorp branch or office where our loan representative will help you discuss your loan requirements.

  • In the next step, you would be required to provide the required documents so that we can assess your eligibility.

  • If you are eligible, you will then be required to fill in an application form with all the necessary details.

  • Our representatives will help you to discuss and finalise the loan terms such as interest rate, tenure, processing fee and so on. Get an estimate of the EMI that you have to pay every month.

  • Once you are satisfied with the loan terms, you will be required to submit the application form as well as the documents needed

  • On successful submission and checking of our documents, your loan will be approved shortly and you will receive the loan amount in your account in 24-48 hours.

If you are applying online:

  • Visit our Used Car Loan page.

  • Get an idea about the EMI you have to pay by using our online EMI calculator . Enter the required loan amount you need, and the interest rate and tenure. You will get an idea about the EMI you have to pay.

  • Under “Apply for a Loan”, provide your first name, middle name, last name, mobile number, email ID and select your state and city from the list. You will also be required to enter your company or business name.

  • Then click on “ Apply Now ”.

  • Our executives will assess your application. Once your loan is approved, you will receive the loan amount in your bank account.

Things to do When Buying a Used Car

  • Examine the car closely: A used car should be checked thoroughly by a mechanic if you are not too sure or you lack the necessary knowledge. In case of any problem with it, feel free to negotiate the price quoted by the dealer. To check for vibrations, drive the car in an area where the traffic is less.

  • Make sure that the paperwork is accurate: Check the registration and insurance papers of the used car carefully. The engine and chassis numbers you see on the car should be the same as those mentioned on the papers. Find out if the car had any accidents through a close examination.

  • Check the history of the car: While a new car is bought from the showroom and is in good shape, a used car will come with some history. So, read up on all its details online and find out if it had faced any accident or wasn’t giving good service.

  • Get the registration certificate transferred: After you buy the used car, make sure that the RC gets transferred to your name. Moreover, if the car was registered in a different state, you will require a NOC or No Objection Certificate. Also, if the previous owner took a loan to purchase the car, you will need a NOC.

  • Get the insurance transferred: Right after the purchase, the car insurance must get transferred to your name. Remember that the insurance policy will have no value if it is still in the previous owner’s name, even if you have got the RC transferred to your name.

  • Go for a servicing: Before you start using the pre-owned car, get it serviced, so that nothing is out of order. For example, while servicing, the car will be cleaned thoroughly, the fluids will be changed and if there is any rust or dents, they will be fixed.

Factors that Impact Used Car Loan Interest Rate

  • Your credit score: Before approving the loan request, your credit worthiness is assessed. It is based on a number of factors such as both your current and closed credit accounts, the duration for which you used credit, and the history of payments you made. The better your credit score, the lower will be the interest charged.

  • Debt to income ratio: This ratio helps us understand what amount of money you might owe to different lenders with respect to your total income. So, if the ratio is low, you might be charged a lower interest.

  • Loan amount and down payment: The higher the loan amount, the higher is the interest rate charged. In other words, if you make a large down payment, you are considered more worthy as a borrower, and hence, the interest rate maybe low.

  • The car’s age: The age of the car affects its resale value, which we have to consider if the car has to be repossessed in the unfortunate scenario of a default. Since an older car will fetch lower resale value, the interest rate charged is higher.

  • Loan tenure: If the loan tenure is long, the interest rate charged is low. A high rate is charged if the tenure is short. So, your EMIs will be smaller in case of a long tenure.

Documents Required for Used Car Loans:

Before applying for Before applying for second-hand car financing, applicants must have the below-mentioned documents ready for submission. , applicants must have the below-mentioned documents ready for submission.



Mandatory Documents

Application Form

Vehicle's Registration Certificate

Identity Proof

Passport/ Aadhaar Card/ Driving Licence/ Voter ID Card/ Photo ID issued by GOI/ Job Card issued by NREGA

Address Proof

Aadhaar Card/ Driving Licence/ Voter ID Card/ Utility Bill/ Lease or Rent Agreement/ Letter issued by National Population Register containing Name & Address Details

Office/ Business Proof

Utility Bill/ Sales Tax Regi./ VAT/ Excise/ Service Tax Registration/ Establishment and Shop Registration Certificate/ MSME or SSI Registration Certificate/ Registered Lease Agreement

Age Proof

Passport/ PAN Card/ Driving Licence/ Birth Certificate.

Occupation Proof For Salaried:

Appointment Letter/ Joining Date on the Salary Slip/ ITR/ Form 16/ Experience Certificate/ Relieving Certificate.

For Self-Employed:

Shop & Establishment Registration Certificate/ SSI or MSME Registration Certificate/ Sales Tax/ VAT Registration

Signature Verification Proof

Passport Copy/ Banker's Verification/ PAN Card

Income Proof

Latest Salary Slips/ Bank Statement/ Form 16/ ITR/ Audited Balance Sheet/ P&L Statement

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Frequently asked questions(faqs)

Avail finance for used cars easily from us for both certified and non-certified cars. As one of the leading lenders, we offer second hand car loans starting from INR 0.5 lac to INR 50 lac for all car brands, and flexible tenures that goes up to 5 years. The loan-to-value ratio or LTV can go up to 175% and the approval happens usually in less than 48 hours. Our used car loan interest rates are low and attractive, and the repayment options are flexible too. Other advantages include easy documentation, doorstep service, quick approvals, efficient customer service, and branches in over 240 Indian cities. Existing or past customers of Hero FinCorp can also expect more attractive used car finance rates. To be eligible for used car loans, you need to be an Indian resident above 18 years. If you are salaried, you should have been employed for minimum 1 year . And if you own a business, you should have at least 1 year experience in the same. For documentation, you need to submit valid income proofs, KYC documents and passport size photographs. So fill the form above and get your dream four-wheeler today!
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